8K Homebuyer Tax Credit: HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

HUD released a mortgagee letter with some further details yesterday. As is typical with these kinds of announcements, there are a lot of unanswered questions in regards to how lenders will implement this stimulus related strategy.

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WASHINGTON (May 12, 2009) – Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpaypment.

More details @ HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

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